Retirees suffer from “financial demands of everyday living”

Despite changes to the pensions savings system, people are still finding it hard to invest for the future, Barclays has said.

“The research shows that people still see saving for their retirement as a low financial priority as they struggle to balance setting aside a reasonable amount for the future with the financial demands of everyday living,” said Stephen Ingledew, director at Barclays financial planning.

Comments on the funding crisis comes as several financial experts, including those at Ernst & Young, warn that pensioners are facing a retirement of debt.

While the A-Day pension simplification was designed to help more people save for retirement, there are signs that many are not taking advantage of this.

Mr Ingledew urged people to look at the best options to fund retirement, or else face the prospect of debt.